The Hanoitimes - The strong desire and high entrepreneurship of the business community has motivated the government to reform and act more swiftly.
Prime Minister Nguyen Xuan Phuc suggested enterprises’ concern should be a priority of ministries and local leaders, the governmental portal reported.
The strong desire and high entrepreneurship of the business community has motivated the government to reform and act more swiftly, Phuc said at the Vietnam Business Forum 2018 in Hanoi on December 4.
Prime Minister Nguyen Xuan Phuc and delegates at the VBF 2018. Source: VBF.
According to Phuc, the global economy is facing numerous challenges, including the growing protectionism and trade frictions, however, Vietnam is still seeking cooperation opportunities through free trade and economic integration.
Vietnam is now a party to16 free trade agreements (FTAs), showing the country’s open foreign policy and extensive economic integration. Those agreements open the door for Vietnam to access over 60 economies, including 15 out of 20 G20 countries, in turn creating opportunities for Vietnam to climb higher in the global value chain, the PM said.
The process has partly contributed to Vietnam’s high economic growth in 2018, reaching a 10-year high of over 7%.
Phuc added that Vietnam has now become the world’s production hub and an ideal investment destination of multinational companies, including Samsung, Intel, Canon, Fujitsu, Toyota, Honda, Nike, VinaCapital, and thousands of FDI enterprises, which proves Vietnam’s high quality of business environment and the country’s growth prospect.
Additionally, the fast-growing of Vietnam private conglomerates showed that Vietnam’s business environment is capable of nourishing large corporations of global scale, adding that Vietnamese enterprises have a strong foothold in foreign markets.
Vietnam also has around 20 export items worth over US$1 billion of each, while the growth potential remains huge. Meanwhile, some of the country’s farm produce also hold the world top spot in terms of export turnover, including coffee, rice, and catfish, among others.
For the future success, it is vital for all economic groups to work hand in hand, Phuc stressed.
First and foremost is the internal strength of local enterprises. Phuc requested Vietnamese enterprises to be proactive in grasping opportunities and new trends.
Secondly, Phuc expected a better linkage between FDI and domestic enterprises. He requested multinational companies to be more open in its supply chain policy, supporting local partners to join the global value chain.
Third is the key role of the facilitating state, for which the government gives priority to stabilizing the macro-economy and politic. A stable socio-economic environment along with Vietnam’s geopolitical importance would enhance the country’s opportunities for development in a growing global uncertainties, Phuc concluded.